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Discussion Assignment Unit 3

University of the People

Bus: 5114

Instructor: Savdeep Vasudena

20/4/2022
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Introduction

Quite often, data and information are used interchangeably but they have

different meanings. (Hill, 2021). Data consist of unprocessed raw information that is

imputed into a computer. It is not meaningful and difficult to replicate. On the other

hand, information is processed form of data that is used as output to the computer. Its

is meaningful and easier to replicate when misplaced.(Hill, 2021).

Similarly, the definition of knowledge varies respectively for different

individuals. However, this course study helps us to assimilate the definition and

differences between data, information and knowledge. We also get to understand the

relationship between each of them and how they can be applied in the smooth running

of a business.

What is data?

Data is regarded as raw facts, figures or information. It comprises numbers,

figures, characters, symbols , pictures etc. (Hill, 2021).There are two main types of

data namely:

Qualitative analysis- focuses on using words, subjective judgment to analyze a

company's value or prospects which are not expressed in numbers. (whatworks.org)

Quantitative analysis- focuses on analyzing numbers, figures, numerical values,

calculations etc is a technique that uses mathematical and statistical modeling,

measurement, and research to understand behavior. (whatworks.org)

Hence data is just collated figures, numbers etc. For data to be useful and provide

more concrete information, it must be collected and organized properly.

Information
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Information is referred to as processed data which makes it easy to demystify

data that can be used in numerous ways by companies.Managers would be able to

make better decisions if they possess more information because it is ubiquitous and

can be obtained through disparate sources. ( Surbhi, 2018) However, it is knowledge

that has been synthesized and properly analyzed through careful study and research.

(Hill, 2021).

Knowledge

Is facts, information and skills acquired through experience or education;

theoretical or practical understanding of a subject. All information may not be

knowledge but all knowledge are information.(Surbhi, 2018)

 Discuss how each can contribute to organizational competitive advantage.

The concept of data is feasible and has been around for a long period of time.

Every company runs its business based on data. Predominantly, in the past retail

companies used ledgers to collate and keep track of sales, daily transactions, cash

flow, expenses etc. Although this method was quite effective for entrepreneurs of
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small scale business who technically run their business themselves. However, it was

an inaccurate and inconsistent approach since figures could be easily manipulated

and maneuvered. Also it was difficult to garner data from various regions, typically

multinational companies with various subsidiaries around the nation.

Thus, digitization has helped change companies' approach to handling affairs.

Through the use of the ERP, companies are able to compile an accurate list of stocks

inventory for warehouse operations, ascertain the quantity of goods supplied and

access the companies financial status. It also helps companies in determining cost

accounting, assembling customers data in order to know their preferences and how to

serve them better. (Grow.com, 2020).

Information is processed data that is analyzed and summarized. For data to be

useful it needs to be analyzed. Major stores like Zara, have a compiled list of

customers preference and simply use that list to serve customers better. How ,you

may ask quizzically? By obtaining records of customers shopping behaviors which

exist online. It could be based on customers' loyalty cards, shopping history and the

nature of devices being used to shop. (breeur.com, n.d.)

Additionally, this is the aspect in which data analysts play a significant role.

They simply conduct a statistical process or analysis that enables them to combine

data from multiple studies in order to find a common result and identify an overall

trend. Consequently , these numbers are presented to managers who extrapolate by

using known data or past experiences to deduce innovative ways to improve

customers satisfaction and retention. Therefore, they are able to surpass their

competitors.(breeur.com, n.d.)

Through existing knowledge, managers are able to brainstorm the market

trend of their business, segment customers based on their preferences and

characteristics. Create new ways of delivering benefits to their target customers, and

develop ways that distinguish them from their counterparts. (breeur.com, n.d.)

Discuss the role of data and data management solutions in organizational

decision making.

Data is indispensable for an organization growth, it enables companies to

disseminate, analyse and make prompt decisions regarding their business. Companies

are able to come up with lucrative and profitable ideas that enable them target

potential customers which could be based on customers trend, behaviors and

predictions. The information enables companies to know the stability of their

business and also determines the form of advertisement that enables them reach

customers effectively. (breeur.com, n.d.)

Moreover, for retailers, data is both their biggest assets and challenge hence

retailers need to identifying, evaluate and regulate threats to their capital and

earnings. Also, Data visibility provides companies with explicable information about

consumers, supply chain management etc. Data visibility is the degree of ease

through which an enterprise can monitor, display, and analyze data from disparate

sources. Attaining ample data visibility within an organization brings about many

benefits. The most important benefit is obtaining data to implement informed

business decision.

In conclusion

Essentially, Data management enables companies to store, maintain ,collect,

accurate records of their business activities. The ERP ensures that data is reliable,

secure, consistent and readily available at anytime. Such ERP software applications

like Nav 365, Oracle Net suite etc serve as a back up system were information can be

saved, easily retrieved and are cost effective.

References

Hill, J. (2021) Data vs information: Whats the difference? Bloom fire.com. Retrieved

from https://bloomfire.com/blog/data-vs-information/

Dat types and sources(2020) Whatworks. Retrieved from

https://whatworks.org.nz/data-types/

Surbhi, S. ( 2018) Difference between information and knowledge. Key

differences.com Retrieved from https://keydifferences.com/difference-between-

information-and-knowledge.html

https://www.grow.com/blog/data-important-business

https://www.breeur.com/knowledge-insights/6-data-driven-methods-you-can-learn-

from-zara